We are in exciting times. Robotic process automation (RPA) is cutting-edge technology that is already in widespread use and delivering strong return on investment in industries and sectors of all kinds.
RPA is enhancing operational efficiency by allowing bots, or ‘digital workers,’ to perform manual, repetitive tasks once done by human workers. RPA not only has a positive impact on accuracy, productivity and the bottom line, but also it allows for a more motivated workforce who can then concentrate on more interesting and less laborious parts of their jobs.
At Ventiv, we’ve embraced the benefits of RPA, which means that many of our clients in insurance and claims management are already starting to reap the rewards of better operational efficiency. While it might all sound like something out of science fiction, we’re not looking at robots taking over the workforce. Essentially, they work alongside humans and help to remove many of the non-skilled tasks that skilled workers do. Checks by people should still be made, but the manual aspect of the task can be removed.
Some of the tasks that our RPA bots can do:
As I’ve said, RPA bots do not work in isolation. They integrate into all our technology solutions—Ventiv IRM, Ventiv Claims and Ventiv Digital. It is also compatible with most applications—websites, email systems, word-processing applications, PDF readers, spreadsheets, and even specialized legacy systems, like policy systems (visit our RPA webpage to find out more).
To identify how RPA can support your business, our Automation and Integration team works with you to find out what systems you use, and what tasks can be automated and which processes are variable.
With Ventiv IRM (formerly known as RiskConsole Advance) already collating and reporting on risk data, as well as streamlining many processes, RPA is the next step in the move towards digital transformation.
In insurance, for example, bots can automate certificate tracking. When the bot is activated, it will download relevant emails from the email application, save the attachments, read certificate requirements in Ventiv IRM, go through each attachment (e.g., open PDFs in the designated PDF reader), get the limit information and compare to the threshold in Ventiv IRM. If the limit is greater than or equal to the threshold, RPA will run a workflow that will create a certificate in Ventiv IRM; if the limit is less than the threshold, RPA will send an email with an attachment of the original certificate stating the occurrence is too low. The bot will then also visit the designated ratings website (e.g., A.M. Best, Standard & Poor’s) to pull the rating of the insurance company.
It also works in the claims process, enabling the digital worker to automatically assign a case to an adjuster by analyzing the information provided (e.g., last name, language, location, availability, etc.). This dramatically speeds up customer service and reduces internal costs.
RPA can also evaluate the severity of a claim in real time, which ultimately can help save time and total cost of the claim through early intervention.
Ventiv RPA bots can be specifically designed to interact with the applications you use, thus helping meet your company's needs. Forming part of your Ventiv IRM risk management information system gives you the ability to save time on manual processes and human error. This not only good for your business reputation and team motivation, but it also impacts your bottom line. It’s essentially a win-win.
To get started on your journey to successful process automation, contact us to schedule a demo to find out how Ventiv can help you.
Jan 14, 2019
| Originally posted on Nov 08, 2018